Portsmouth...

the next Bradford? I think they'll be in the bottom division for the 2012 season.

where on earth did all the money go from player sales...thats the question. bradford never had as much in assets, or atleast had players which were worth something and had been sold. how pompey can be 60m in debt beggars belief. two seasons of points deductions will see them into the bottom tier for sure.

Think they'd snap your hand off for bottom division now.

http://www.skysports.com/story/0,19528,11674_6461734,00.html

And I thought Hicks and Gillett were bastards. They've got nothing on Gaydamak.

What happens to the Championship now? Points they've won, the players?

so if you're a businessman owed money by a football club what would you prefer? 20p in the pound of what you're owed or absolutely nothing by forcing the club into liquidation. what a dick.

Gaydamak is a total arsehole.

Stuart@Roma wrote:

where on earth did all the money go from player sales...thats the question. bradford never had as much in assets,

its wierd cos although they shifted a few players theyve still got players

like Luarence,Kitson,Mullins and Brown who would walk into most championship teams.

why havent they shifted these plays out the door and replaced them with
£200 / week YTS from the accademy.

the players above will probably all still be on premiership wages and will be costing the club a bomb, how were they able to give Kanu a new contract whats he going to be on?

if hes on less than 8k a week id be amazed, so why not pull a kid out of the accademy and pay a few people off with the money that their saving.

for me theyve hardly addressed the problem.

dont get it

hearing this will. also, portsmouth should have been made to pay back its tax bill.

given that the club was 138m in debt end of last season i find it quite staggering that their CVA was accepted for them to pay back only 20p in the pound to its UNSECURED creditors. this means that portsmouth are paying back 16.5m and HMRC (who were owed 37m) are getting nothing aswell as any of its other secured creditors.

now, if i was to go to the bank, ask them for a loan of 138m and tell them i only want to pay back 16.5m what do you think they would say?

Quote :

UHY Hacker Young, Portsmouth's administrator, has published the official Company Voluntary Agreement (CVA) on which creditors will vote next month, with the amount it proposes to be paid back quoted in the document as a "minimum dividend of 20 pence in the pound to be paid to unsecured creditors, which currently equates to a contribution of £16.5m".

The document also states that if the CVA is accepted and Portsmouth are promoted back to the Premier league within the next five years the "dividend to unsecured creditors will be further enhanced by a dividend of five pence in the pound".

The CVA states that it proposes to pay the money back from "£3m year-one player sales", plus a further eight payments of £1.687m, spread out over the following four years from September 2011, to source the balance of £16.5m the unsecured creditors will receive. If accepted by 75% of the club's creditors at a meeting on 18 October then the CVA document states a further meeting of "unconnected creditors" will then vote to accept the proposal with a simple majority required.

The document also states that Portsmouth's player salaries for this season should be in the "region of £13.6m, which reflects a significant improvement on the £43m expended during last season's campaign".

portsmouths saleries might have been shed by two thirds but the revenue they receive in the championship is only 1/10th of what they would get in a premier league season. so how do they expect to pay these wages?

its so wrong.

thing that makes it worse is that HMRC challenged this decision in court and lost.

so apparently what theyve done is ok ???

maybe instead of me and tom owing mr HMRC a few thousand pounds come end of decembr and struggling all the way to find it taking bugger all wages to pay for it

we should just go out there and reculously spend a fortune on a nice holiday or two, extra staff and god only knows what else and run the company into the ground

we can then claim that we cant afford to pay the debt but promise to pay 20p for every pound weve pissed up the wall?

no, we cant do it, so how does that differ to pompy.

i say have a holiday and take it out of a few of your OAPs. if you took a fiver off each of them they wouldnt notice will lol

sounds like a plan!!